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Stop loss: 23.60
Price target: 29.00-30.00
Analysis done on two hour candles. This stock has been absolutely phenomenal in the past quarter and it looks like its setting up for another upside move. The winners in the marijuana industry seem to be the ones thinking outside the box and not focusing on the product itself. Taking IIPR for example, the company is focused on the real estate side of the industry and they’ve had a tremendous upside gain accompanied with strong growing fundamentals. GRWG is focused on the farm supplies side of the industry and they’re also moving in the right direction. This set up is created to capitalize on the short term move, but they’ve earned a spot in a high risk long term account.
RIOT
Stop loss: 3.58 (Low risk)
Price target: 4.40
Second PT: 4.85
Analysis done on daily candles. RIOT has made a name for itself in the bitcoin mining industry that seems to be capturing more and more traction across the innovative world. The company is meeting expectations in terms of earnings and continue to grow their fundamentals. Bitcoin is shooting for the sky and the company only mines bitcoin from the crypto markets, putting them in a strong position. In terms of their technical analysis, RIOT’s chart is has been brewing a move for sometime, the stock fooled many traders that rushed into it when they saw bitcoin pushing higher, but it simply needed more time to prepare for a breakout. Volume through consolidation has been accumulating nicely, suggesting that bullish sentiment is still present since their last move.
TME
Stop loss: 15.75 (Low risk)
OR
Stop loss: 14.90 (High risk)
Price target: 19.50-20.00
Analysis done on daily candles. Trump’s administration had a difficult relationship with China therefore some Chinese companies had trouble proving themselves in the American market, but the new administration is expected to relieve those tensions. Whether we like it or not, politics play a huge role in the market, and tensions with China is not good for many companies, even American ones. Apart from this point, let’s focus on the company itself. Tencent Music is moving in the right direction fundamentally and they may very well do good in the long run. They have over 120 million paying subscribers, which is outstanding when compared to Spotify, who have 130 million subscribers (stock trading at 253.50 as of Friday’s close). We’d consider giving this stock time and a potential long term position as they grow. Moving on to their chart, the stock has a great chart and is positioned very well on all indicators for an upside move to test their all time high of 20.00. Our first price target is at that point, but keep an eye on them to potentially push higher and continue.
AYRO
Stop loss: 3.65
Pirce target: 4.50
Second PT: 4.75
Analysis done on two hour candles. First things first, don’t bring in a previous trade’s mentality to a new trade. Why do I say this? Most of us are familiar with the recent move from SOLO as the stock nearly doubled in a matter of a few days. Markets sometimes will give you a replica chart on another stock in the same sector, but it doesn’t mean it will make the same strong move. The best way to approach an event like this is to simply be aggressive with your charting and continuously take profits as the stock pushes up while raising your stop loss too. AYRO is what we consider a high risk high reward trade and its move to end the week last week suggests that it will make its move above 4.00 tomorrow. Our main focus is the stock maintains a position above 4.00 to followthrough with the breakout to our price targets.
The stocks posted are the preliminary stocks and set ups we’ll be watching this week. All price points are subject to change based on market performance and sector health. Please do your own research and analysis on these companies/charts before taking on any set ups. Trade at your own risk and as always, good luck! Let’s have a fantastic week.